intangible assets section of Amato Corporation's balance sheet at December 017, is presented here. Patents ($60,000 cost less $6,000 amortization) Copyrights ($36,000 cost less $25,200 amortization) Total $54,000 10,800 $64,800 Prepare entries to record transactions related to acquisition and amortization of intangibles; prepare the intangible assets section and note (LO 4, 5), AP The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. Jan -June Developed a new product, incurring $230,000 in research and development Sept.1 Paid $ Oct. 1 Acquired 2 Paid $46,800 legal costs to successfully defend the patent against infringe- ment by another company. costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $20,000. company's products. The commercials will air in September and October life of 50 years. 40,000 to a quarterback to appear in commercials advertising the a copyright for $200,000. The copyright has a useful life and legal